Hong Kong Development Bureau: Eight residential sites to be launched next year, expected to provide about 4450 residential units.

The Hong Kong Development Bureau recently announced that it will launch tenders for 8 residential sites in the coming year, expected to provide around 4,450 residential units. Together with railway property development projects, projects by the Housing Authority, and private redevelopment projects, the potential supply for the next year is estimated to provide a total of around 13,700 residential units, exceeding the target of 13,200 units. Three of the sites are rolling-over land, while the remaining five new residential sites are located in Shau Kei Wan East Street, Jordan Valley Choi Hing Road, Ngau Tau Kok Choi Ha Road, Tuen Mun Ha Zhu Road, and Tsuen Wan Wing Shun Street, with supply evenly distributed across various districts in Hong Kong, Kowloon, and the New Territories. Jason Cheung, a surveyor from Centaline Surveyors, believes that the 8 residential sites will provide 4,450 units in 2025, marking a new low for the government's land sale initiative in the past 15 years. However, with the current market supply adequate, the government's decision to reduce land sales in line with market conditions can be seen as a prudent move to safeguard the wealth and purchasing power of citizens. The total land value of the 8 residential sites is estimated to be between HK$16.29 billion and HK$16.73 billion. In terms of commercial land, the 2025-26 Budget announced that due to the high vacancy rate of office buildings in recent years and the relatively sufficient supply in the coming years, the Hong Kong government will not sell any commercial land next year, allowing the market space to absorb the existing supply. Therefore, there were no commercial land sales in the land sales program this year. The Hong Kong government will consider converting some commercial land that could have been sold in the next few years into residential use, as well as providing more flexibility in land use to respond to market demand and increase the attractiveness of land to the market.